Colliers International, Singapore

International property consultant, Colliers International will be putting up for sale by auction a retail unit located on the sixth storey in Lucky Plaza – a mixed commercial/residential development sited at 304 Orchard Road. 

The auction is scheduled for June 25, 2008 at The Amara Hotel.

With a freehold tenure and a floor area of approximately 8,848 sq ft, the retail unit is currently leased to an amusement and billiard centre.

Ms Grace Ng, Colliers International’s Deputy Managing Director (Agency and Business Services) and Auctioneer, says, “Indicative price for the subject property is approximately S$20 million, which works out to S$2,260 per sq ft. Smaller units of 570-700 sq ft located on the fifth storey were transacted in February this year at approximately S$3,100-S$3,200 per sq ft.

This is a rare opportunity for investors to acquire a large freehold commercial space in the heart of Orchard Road, as strata-titled retail units in this busy shopping belt are seldom available for sale. Additionally, there is a potential of capital appreciation due to the much anticipated S$40 million makeover to Orchard Road slated to be completed next year. Rental appreciation can also be expected given that the existing lease is expiring in February next year.”

Ms Ng continues, “The subject property is ideal for a medical centre due to its proximity to both Mount Elizabeth Hospital and Gleneagles Hospital. Lucky Plaza already has a cluster of medical centres and clinics which currently occupy almost the entire fifth storey. The property presents a viable solution to the space crunch experienced in the nearby Paragon Medical Centre and Camden Medical Centre, as well as for private doctors who are looking to set up their operations in the vicinity.” 

Prominently located in the main shopping belt of Orchard Road, Lucky Plaza is a 30-storey mixed development comprising retail shops, and food and beverage establishments from the basement to the sixth storey, as well as 88 residential apartments from the ninth storey onwards.  Covered car parking facilities are available from the third to eighth storey.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

Ms Seah Li Ching
Senior Executive, Marketing & Communications
Tel:  65 6223 2323
Direct: 65 6531 8545

Ms Grace Ng
Deputy Managing Director (Agency and Business Services)
Tel: 65 6223 2323
Direct: 65 6531 8500

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